The demand for electricity in a city is modelled by the equation P=3-2Q where Q is the quantity in thousands of kilowatt hours per day and P is the price in pence per kilowatt. Power is supplied by a profit-maximising monopoly power plant which faces constant average total cost and marginal cost of E0.20 per kilowatt hour. The monopoly faces a marginal revenue curve modelled by MR=3-4Q. a. Make a graph illustrating the situation. Include the marginal revenue, marginal cost, average total cost and demand curves in your graph. b. Determine the quantity the monopoly will produce, the price it will charge, and its total daily profit. Illustrate this on your graph. c. Compute the daily deadweight loss due to monopolisation. Illustrate this on your graph. d. Discuss why a government may prefer to have power produced by a monopoly despite the deadweight loss